4-Step Process for Developing Prospect Profiles
There are a handful of universal constants that determine the success of any organization. They include things like visionary leadership, product-market fit, competitive differentiation, and great people.
In the end, though, sales is what ultimately determines an organization’s success, and developing profiles that describe your best prospects is part of an effective sales strategy. By knowing what makes for a good prospect, you can be confident that you’re spending your precious time and energy with the people most likely to become customers.
Here’s the 4-step process I use for developing prospect profiles.
Step 1. The Target Audience
This and Step 2 are tied to product-market fit. This is where you think about your target market in a top-down way, starting with general indicators such as revenue, industry, employee size, etc.
Step 2. Other General Characteristics of a Good Prospects
These are details that paint a clearer picture. It includes things like how your best prospects operate, the markets they serve, how they serve them, and anything that’s going to provide clarity for you and the sales teams.
Step 3. Recognizing Prospect Types
A prospect is ultimately a person. As such, it’s important to account for both their interests and their appetite for risk relative to your solution. It’s important to think through how your prospects will separate themselves as people into buyer types such as Innovators, Early Adopters, Early Majority, Late Majority, and Laggards.
Step 4. Mapping Your Benefits to the Prospect Types
Time to get specific by mapping your all of your benefits to the type of buyer who will see the greatest value in each benefit.
For example, Innovators are people who like to be the first to try something new. What is it about your solution that will appeal to them besides the fact they may have never heard of your solution before? That’s what you want to spend your time talking about with Innovators.
Buyers who, on the other hand, are concerned with whether or not your solution follows well-established standards or regulations are exhibiting characteristics of an Early Majority buyer, not an Innovator. You need to know what it is about your solution that assuages the concerns of an Early Majority buyer versus those benefits that excite an Innovator.
By using Prospect Profiles, your prospecting, qualifying, discovery, and selling will all be more efficient, and your prospects will be far more likely to see you as the trusted advisor you are because you always keep the focus on what matters most to them.
This post is just an outline. If you’re curious to see the full Prospect Profile Template along with some sample info filled in, just drop me a note here. I’ll be glad to send it to you.